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Level 1

How to create Reverse VAT to customer

 
3 Comments
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QuickBooks Team
QuickBooks Team

How to create Reverse VAT to customer

Good to hear from you, panikumar.appala.

The option to create a reverse charged VAT is unavailable in QuickBooks Online (QBO) International version. You'll need to manually reverse it through a journal entry. Then, you can consult your accountant on how to properly record it in your Online account.

Here's how to create a journal entry:
  1. Click the Create icon on the top menu.
  2. Choose Journal Entry under Other.
  3. Enter the information in the Account, Debits, Credits, Description, Name and VAT columns.
  4. Click Save.
I have a link here that contains articles about managing GST/taxes: https://community.intuit.com/browse/quickbooks-online-intl-taxes.

Please reply to this post if you need anything else with VAT. I'm here to help.

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Level 1

How to create Reverse VAT to customer

Could you please provide a detailed example?

Highlighted
QuickBooks Team

How to create Reverse VAT to customer

Hi @xsym,

 

I can walk you through in creating a journal entry for the reverse VAT charged. However, I suggest consulting with an accountant on what account you're going to use in the Debit and Credit column. You can check this link to look for an accountant: https://quickbooks.intuit.com/find-an-accountant/.

 

Here's how to create a journal entry:

  1. Go to +New, then Journal entry.
  2. Select an Account where you Debit the amount for your VAT.
  3. In the second line item, choose the Account where you want to Credit it. Consult your accountant for the correct account.
  4. Click Save and close.

With these steps, you're able to create a reverse VAT charged. Just make sure to select the correct account. I'm attaching this handy article about VAT feature update FAQ that I'm sure you'll find helpful. It has information on the recently added feature to make VAT filing easier.

 

Stay in touch if you have other questions or concerns. We're always here to assist you every step of the way. Thanks for joining us today and have a lovely weekend ahead.